CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 24 NOVEMBER 2015 AT 11 AM EET
Cargotec's MacGregor reaches a settlement agreement and will book EUR 11 million cost
Cargotec's MacGregor has agreed on a commercial settlement with a customer related to a development project from 2011.
Cargotec will book EUR 11 million costs in MacGregor's fourth quarter operating profit in 2015 to cover the costs of the settlement. Whilst having a clear negative impact on MacGregor result in the current quarter, management assessment is that this settlement is in the best interests of the business going forward.
MacGregor and the customer have agreed not to disclose further details on the issue nor on the settlement.
The settlement has no impact on Cargotec's full-year guidance, which remains unchanged.
Further information:
Michel van Roozendaal, President, MacGregor, tel. +358 20 777 4490
Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084
Cargotec shapes the cargo handling industry for the benefit of its customers and shareholders. Cargotec's business areas MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Their global network is positioned close to customers and offers extensive services that ensure a continuous, reliable and sustainable performance according to customers' needs. Cargotec's sales totalled approximately EUR 3.4 billion in 2014 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki Ltd under symbol CGCBV. www.cargotec.com